- Reliance Bulls staying above 5 day high ema will favor an up move MACD is also looking good for bulls.
- 38.2% Fib level is acting as resistance now. If it is crossed then price may move towards 50 Day SMA.
- Bigger up move may happen only if price breaks and stays above 20 and 50 Day SMA.
- Stochastic in Weekly time frame is moving down So this up move will face hurdles at important resistance levels.
- Price is near resistance levels in weekly chart.
- Daily chart with RSI is showing negative divergence.
- So stock may turn in favor of bears from the current levels. Right now price is above 20 Day SMA. Once price closes below 20 SMA we may see good correction in GOOG.
- ES is moving towards 100 Hour SMA we might see a decisive move from this moving average.
- Violation of the support and resistance lines or the up trend line may trigger a big move.
- For bears the violation of cloud did not sustain. If price dips below the cloud again we may see good move in favor of bears.
- For bulls price shall breakout and sustain above the resistance line.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Another attempt to cross 200 SMA has failed.
- Hour charts has not lost momentum yet. Price is closer to crucial resistance levels and is staying above 50 and 200 Hour SMA's
CHART-II
- Price is not sustaining above the resistance line It is testing the Cloud again.
- One should also note that Price is forming a range around the 200 SMA in daily, so breaking the major high and low in hourly time frame on closing basis may give good direction
CHART-I
- Correction in hour chart has been supported by hourly cloud till now.
- For bulls the marked resistance line has to be taken out.
- Correction from here and a retest of the cloud may turn things in favor of bears.
- SPY WEEKEND UPDATE
COPPER 30 MINUTES CHART
COPPER DAILY CHART
- Copper Hour chart is showing a range after the breakout. 3.5013 is the crucial support and Resistance at 3.7398
- If price manage to breakout of this range then it might target 3.7398 levels.
- Price has given a breakout above the resistance line in daily chart. Any pull back may take support at this line.
- SPY WEEKEND UPDATE
- SBI is trading above its 50 Day moving average which is good for bulls. But price is about to test the resistance line in weekly chart and the 20 Week Moving average.
- Earlier the up move was started by a perfect hammer candlestick in weekly chart. Now if it is to continue price has to breakout and sustain above the resistance line and Middle bollinger band. Any weakness at the above mentioned levels will be an opportunity to go short.
- NIFTY WEEKEND UDPATE
